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Bond Market News
American Airlines Upgraded By Two Notches to B+
August 1, 2023
American Airlines was upgraded by two notches to B+ from B- by S&P. The rating agency believes that the airlines is on track to “materially improve its credit measures in 2023, with potential upside in 2024”. It expects the company to generate free operating cash flows of over $2bn this year and the next whilst also improving its balance sheet from debt reduction. They also believe American Airlines faces lower refinancing risk to address its debt maturities in 2025 than previously expected. Also, S&P has a positive outlook for the US airlines market with healthy travel demand, higher average fares and thereby favorable fundamentals.
American Airlines’ bonds were trading slightly higher with its 5.75% 2029s up 0.25 points to 97.03, yielding 6.38%.
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